Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5, 2024
Hospitality Financial Leadership: Why Prioritizing Employee Development Has the Best ROI for Owners Too
David Lund | March 27, 2023
Finance
Investment Strategies in the Hospitality Industry: Essential Insights
EHL Group | September 4, 2024
If you’re an entrepreneur, seasoned investor, or work in hospitality and have some money to spare, you might wonder whether investing in the hospitality industry could be a lucrative strategy. It’s an in-demand industry, with the global market forecast to grow from around 5.5 trillion US dollars in 2024 to over 11.6 trillion US dollars in 2029. Domestic and foreign travel are also returning to pre-pandemic levels, with the number of people looking to book trips to global destinations showing no sign of slowing. These predictions suggest there are good returns to be made by those who invest wisely. With that in mind, let’s explo...
USALI 12th Revised Edition, Deep Dive: Other Reporting Guidance
USALI | September 3, 2024
Just released, the Uniform System of Accounts for the Lodging Industry (USALI) 12th Revised Edition has been meticulously updated by the Global Finance Committee (GFC) with guiding principles to enhance transparency in reporting, broaden data sets to better inform decision-making, and align with contemporary practices. To support its release, GFC members are also presenting a series of monthly “USALI 12th Revised Edition, Deep Dive” webinars. Accompanying the webinars are correlating blog posts, including this one for the webinar “USALI 12th Revised Edition Deep Dive: Other Reporting Guidance.” Learn more and register to a...
Australia’s Hotel Capital Markets See Bifurcation Across 1H 2024
JLL | August 28, 2024
In the current hotel investment environment, we’re witnessing just how crucial strong underlying real estate fundamentals are when it comes to desirability amongst investors and resultant pricing. Like what’s being experienced across the broader CRE sector, certain assets are standing out amongst the pack. As we discussed in our previous article, year-to-date Australian transaction volumes remain subdued as the cost of debt drives a bifurcation of hotel capital markets, with the mid-markets (≤A$40 million) segment of the market having been the most active for the year to date and seeing the greatest depth in capital. Hotel fundame...
USALI 12th Revised Edition, Deep Dive: Part II All-Inclusive Hotels
HFTP | August 26, 2024
Just released, the Uniform System of Accounts for the Lodging Industry (USALI) 12th Revised Edition has been meticulously updated by the Global Finance Committee (GFC) with guiding principles to enhance transparency in reporting, broaden data sets to better inform decision-making, and align with contemporary practices. To support its release, GFC members are also presenting a series of webinars. Be sure to register for the monthly “USALI 12th Revised Edition, Deep Dive” webinars running through September 2024. Accompanying the webinars are correlating blog posts, including this one for the webinar “USALI 12th Revised Edition Deep D...
Hospitality Financial Leadership The Number 1 Financial Mistake Hoteliers Make
David Lund | August 12, 2024
Now that’s a big statement to put out there, but I’m very confident that I’m pretty close to 100% correct with my observations. The reason why I’m so sure is that I know most hoteliers are not financial people and they are oblivious to the issue I am going to explain. On top of that – I see this all the time. It’s also pretty clear that most hoteliers don’t have an accounting background and knowing this fact prompts me to write this piece and hopefully clear up the picture for others. The catalyst for my article is the many discussions I've had with my clients over the years around this topic. Here is the...
Choice Hotels International Reports Second Quarter 2024 Results
Choice Hotels International, Inc. | August 8, 2024
Raises Midpoint of Full-year 2024 EPS Guidance Global Rooms Pipeline up 22% and Openings up 20% Year-over-Year NORTH BETHESDA, Md., Aug. 8, 2024-- Choice Hotels International, Inc. (NYSE: CHH), one of the world's leading lodging franchisors, today reported its second quarter 2024 results. Highlights include: Total revenues reached $435.2 million for second quarter 2024, a quarterly record and a 2% increase compared to the same period of 2023. Net income increased 3% to $87.1 million for the second quarter of 2024, representing diluted earnings per share (EPS) of $1.80, a 9% increase compared to the same period of 2023. Sec...
Hilton Reports Second Quarter Results
Hilton | August 7, 2024
MCLEAN, VA - Hilton Worldwide Holdings Inc. ("Hilton," "the Company," "we," "us" or "our") (NYSE: HLT) today reported its second quarter 2024 results. Highlights include: Diluted EPS was $1.67 for the second quarter, and diluted EPS, adjusted for special items, was $1.91 Net income was $422 million for the second quarter Adjusted EBITDA was $917 million for the second quarter System-wide comparable RevPAR increased 3.5 percent, on a currency neutral basis, for the second quarter compared to the same period in 2023 Approved 62,700 new rooms for development during the second quarter, bringing our development pipeline to a recor...
Hyatt Reports Second Quarter 2024 Results
Hyatt Hotels Corporation | August 6, 2024
CHICAGO (August 6, 2024) - Hyatt Hotels Corporation ("Hyatt" or the "Company") (NYSE: H) today reported second quarter 2024 results. Highlights include: Comparable system-wide hotels RevPAR increased 4.7% compared to the same period in 2023 Comparable system-wide all-inclusive resorts Net Package RevPAR increased 3.0% compared to the same period in 2023 Net Rooms Growth was approximately 4.6% Net Income was $359 million and Adjusted Net Income was $158 million Diluted EPS was $3.46 and Adjusted Diluted EPS was $1.53 Adjusted EBITDA1 was $307 million Pipeline of executed management or franchise contracts was appro...
IHG Shares Half Year Results to 30 June 2024
IHG Hotels & Resorts | August 6, 2024
Strong performance with operating profit from reportable segments +12% and Adjusted EPS +12%; record signings; on track to return over $1bn to shareholders; confident in long-term growth drivers 1Definitions for non-GAAP measures can be found in the ‘Key performance measures and non-GAAP measures’ section, along with reconciliations of these measures to the most directly comparable line items within the Interim Financial Statements. Trading and revenue H1 Global RevPAR1 +3.0% (Q2 +3.2%), Americas +1.7% (Q2 +3.3%), EMEAA +7.5% (Q2 +6.3%) and Greater China -2.6% (Q2 -7.0%); US RevPAR positive from April, and +2.5% for Q2 ...
Hotel Owners/Operators Beware: You May Be Responsible for More Than 25 Tax Types Paid Regularly to Multiple Jurisdictions
Sam Guevara | August 6, 2024
By: Sam Guevara, Principal, Practice Leader of Tax Technology at Ryan Operators of hotels face a daunting challenge in keeping up and complying with the myriad of tax types, rates, and rules in the locations in which they operate. Failure to comply with local and state taxes can result in liens, loss of licenses, or portions of your operations being temporarily shut down, all potentially impacting revenue, sales of properties, or refinancing. A Typical Weekend Stay Take for example a typical weekend visit by a couple at one of your properties. This couple used an online travel agency (OTA) to book a room and rented a car upon arriving a...
USALI 12th Revised Edition, Deep Dive: Annual Mandatory Brand and Operator Costs – Schedule 16
HFTP | August 5, 2024
Just released, the Uniform System of Accounts for the Lodging Industry (USALI) 12th Revised Edition has been meticulously updated by the Global Finance Committee (GFC) with guiding principles to enhance transparency in reporting, broaden data sets to better inform decision-making, and align with contemporary practices. To support its release, GFC members are also presenting a series of webinars. Be sure to register for the monthly “USALI 12th Revised Edition, Deep Dive” webinars running through September 2024. Accompanying the webinars are correlating blog posts, including this one which precedes the webinar “USALI 12th Re...
How Dashboards Put Your Finance Team in the Driver’s Seat
Jill Wilder | July 30, 2024
By: Jill Wilder, President of Aptech I recently heard an interesting metaphor about a specific hotel accounting system feature: Having a dashboard moves you from driving with your eyes in the rearview mirror to facing forward. You wouldn't drive a car solely using the rearview mirror, you would want to look forward and have a full, clear picture of what is in front of you. It's the same with your hotel's accounting software; just like the driver of a car, a hotel's finance team needs a dashboard right in front of them to make quick, educated decisions. The hotel and resort industry market size worldwide reached 1.5 trillion USD last ye...
Accor – First Half 2024: Solid Performances in Line With Growth Targets
Accor | July 25, 2024
REVPAR up 6% in the first half compared to H1 2023 - Net unit growth accelerated to 4.1% over the last 12 months Revenue up 11% to €2,677M EBITDA up 13% to €504M Earnings per share up 11% to €0.90 Once again in this first half-year, Accor posted solid performances, in line with the medium-term outlook we presented to our investors last year. This demonstrates the strength of our model, the operational and financial discipline of our teams, and the strong momentum of the Group and its brands. Activity in the second quarter remained strong in all regions and for all our brands, our pace of development accelerated and our le...
Wyndham Hotels & Resorts Reports Strong Second Quarter Results
Wyndham Hotels & Resorts | July 25, 2024
Company Raises Full-Year 2024 EPS Outlook - Company Grows Development Pipeline by 7% and System Size by 4% PARSIPPANY, N.J (July 25, 2024) – Wyndham Hotels & Resorts (NYSE: WH) today announced results for the three months ended June 30, 2024. Highlights include: Global RevPAR grew 2% in constant currency. System-wide rooms grew 4% year-over-year. Opened over 18,000 rooms globally, including over 7,000 in the S., which represented a year- over-year increase of 16%, and the first ECHO Suites Extended Stay by Wyndham. Awarded 180 development contracts globally, including 96 contracts in the S., which represented an increase of...
Agilysys Announces Fiscal 2025 First Quarter Record Revenue of $63.5M
Agilysys | July 23, 2024
Includes Subscription Revenue Growth of 32.0% Quarter Adjusted EBITDA of $12.1M and Adjusted EPS of $0.30 ALPHARETTA, GA – July 22, 2024 - Agilysys, Inc. (NASDAQ: AGYS), a leading global provider of hospitality software solutions that deliver High Return Hospitality, today reported results for its fiscal 2025 first quarter ending June 30, 2024. Summary of Fiscal 2025 First Quarter Financial Results Total net revenue increased 13.3% to a record $63.5 million compared to total net revenue of $56.1 million in the comparable prior-year period. Recurring revenue (comprised of subscription and maintenance charges) was a record ...
USALI Global Finance Committee Members Provide Hotel Reporting Guidance Following New California Bill Banning Hidden Fees
HFTP | July 19, 2024
Written by HFTP Publications — Contributor “Whether buying tickets to a concert or sporting event or booking a vacation or a hotel, Californians deserve to know exactly how much they’re being asked to pay, and not be surprised later by hidden junk fees,” said California Senator Nancy Skinner (D-Berkeley) in regard to a proposed bill she coauthored called Senate Bill 478 (SB 478), which has since been enacted and just took effect in the state earlier this month. Designed to protect consumers from hidden fees, businesses and sellers must, as of July 1, 2024, list the price of any good or service to include all mandatory charges ...
Aptech Teams With BirchStreet Systems To Bring Procure-to-Pay Processing to Twenty Four Seven Hotels
Aptech | July 17, 2024
Aptech provides hotels with invoice-level, vendor and general ledger spend while BirchStreet Systems manages the remainder of the P2P workflow process PITTSBURGH, July 17, 2024 — Aptech has teamed with Birchstreet Systems to deliver efficiency and automation where it is most needed – the procure-to-pay (P2P) process. Based on customer demand, this collaboration brings together the best in cloud-based enterprise accounting and P2P software to deliver better control over purchase orders, invoicing, budgeting, order delivery, flexible payment options, invoice imaging, and financial review efficiency with drill down from P&L to invo...
Hospitality Financial Leadership: The Top 10 Accounts Receivable Controls
David Lund | July 2, 2024
“AR” as we commonly refer to the sub department of the accounting function is a mainstay in any larger group-based hotel. In these juggernauts the importance of efficiently collecting your money is mission critical. Not only do we take the chance that the group will come and stay after we hold all those rooms, but we also roll the dice and give them credit. In today’s business world it would shock many to realize that credit is a common element in these group hotels. It’s common because we need to be competitive; that other hotel around the corner offers a master account and we need to as well. But be warned. Offering credit comes wi...
Aptech To Unveil NEW Enterprise Accounting Dashboard at HITEC Charlotte
Aptech | June 19, 2024
Accessible via computer, tablet, or phone, the PVNG dashboard provides a quick glimpse of financial and operational data without having to execute multiple reports; Visit Aptech at HITEC Charlotte June 24-27 in Booth #2644 PITTSBURGH, June 19, 2024 — Aptech, a hospitality company providing the best in finance and accounting software for more than 50 years to hotels, will reveal a NEW dashboard for its PVNG enterprise accounting solution at HITEC Charlotte, to be held June 24 to 27 at the Charlotte (N.C.) Convention Center. Developed at the request of its customers, the tool provides a quick view of the status of a hotel’s financials fro...
Global Travel and Tourism Deals Drop 10.9%; PE Deals and European Markets Shine During January-May 2024, Reveals GlobalData
GlobalData | June 17, 2024
Travel and tourism sector witnessed 10.9% year-on-year (YoY) decline in the number of deals (mergers and acquisitions (M&A), private equity (PE) and venture financing) announced globally during January-May 2024. Despite this downturn, PE deals showed improvement, and European markets showed growth, highlighting new opportunities for strategic investments, according to GlobalData, a leading data and analytics company. An analysis of GlobalData’s Deals Database revealed that the total number of deals announced in the travel and tourism sector globally fell from 321 during January-May 2023 to 286 during January-May 2024. Meanwhil...
Virgin Hotels & Resorts Applauds Trio of Financial Management Solutions Supporting Its Growth
Aptech | June 11, 2024
Named among hospitality’s ‘Best Finance & Accounting Software’ 2024, Aptech’s enterprise accounting, business intelligence, and targeting/forecasting technologies is enabling the six-year young brand to share data and streamline efficiencies across its development pipeline; Visit Aptech at HITEC Charlotte June 24-27 in Booth #2644 PITTSBURGH, June 11, 2024 — Formed to shake up the hotel industry, Virgin Hotels, a luxury lifestyle brand, is on a fast track for growth. Its properties in Chicago, Dallas, Las Vegas, Nashville, New Orleans, and New York each opened with a trio of Aptech financial management solutions, and hote...
Brandt Hospitality Group Getting Great Results From Accounting Software Partner
Aptech | June 5, 2024
The tech-savvy third-party hotel management and ownership company calls Aptech’s PVNG Enterprise Accounting Solution ‘user friendly’ and ‘intuitive’ and says support is ‘best in the industry’; Visit Aptech at HITEC Charlotte June 24-27 in Booth #2644 PITTSBURGH, June 5, 2024 — Brandt Hospitality Group, a third-party hotel management company based in Fargo, N.D., is always looking to be more efficient and keep its overhead costs low. With 17 hotels and 10 different brands in its growing portfolio and ownership in most properties, the operation’s team set out to find a scalable accounting system to deliver on the expectat...
A Closer Look at Hotel Interest Rates: Past and Future
Dan P. McCoy | May 30, 2024
By Daniel P. McCoy Over the past couple of months, it has become increasingly clear that interest rates for hotel financing, and just about everything else, may stay higher for longer. As markets adjust to this expectation, many investors are realizing that they may not be able to delay deals until rates drop back down to so-called “normal” levels. There is mounting pressure for financing decisions that will need to be made in the coming months. In this article, we have compiled and analyzed historical hotel interest rate data, as well as indications from the Federal Open Markets Committee (FOMC or “Fed”) on the anticipated direc...
Wall of U.S. Hotel Debt Maturities To Catalyze Transactions
JLL | May 28, 2024
With the amount of maturing debt in critical stress expected to decline over the next few years, the opportunity to invest in the dislocation is now $5.8 billion of U.S. hotel single-asset securitized loans, including CMBS and CRE CLOs are coming due for maturity in 2024. Despite the U.S. hotel industry demonstrating strong RevPAR performance, there are multiple headwinds that could impede the refinancing of these securitized loans and compel owners to transact instead. These headwinds include the lagging profitability of U.S. hotels, persistently high interest rates, and historically high costs of property insurance. As such, if the loom...
